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Sainsbury&#39s pledges to beat rivals&#39 rates

Sainsbury&#39s Bank has promised to pay higher rates of interest on its savings accounts than market rivals for the next five years.

It says ten percent of savers have not reviewed the rate of interest on their investments for at least three years and are likely not getting the best deal as a result.

Savings manager Donald Jarvie believes many banks reduce interest rates in the assumption that customers will not realise, or act upon it.

He says: “Millions of pounds could be restored if they switched to accounts that consistently paid fair rates.”

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